Ace Software Exports Limited
801, Everest, Opp. Shastri Maidan, Rajkot - 360 001.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2003
						(Rs. In Lacs)
Sr.	Particulars	Quarter	Quarter	Half Year	Half Year	Year Ended
No.		Ended	Ended	Ended	Ended	31-03-2003
		30-09-2003	30-09-2002	30-9-2003	30-9-2002	(Audited)
1	Income From Operations	115.89	120.21	219.60	195.81	421.84
2	Other Income	16.96	5.50	23.34	23.22	41.76
3	Total Expenditure
	(A) (Increase)/Decrease in Stock	-4.09	6.99	5.92	0.93	-4.02
	(B) Contract Charges	27.91	17.56	45.22	31.62	70.20
	(C) Software Charges	33.32	32.36	61.04	65.49	138.12
	(D) Staff Cost	8.45	5.91	15.57	13.94	36.66
	(E) Other Expenditure	25.08	24.32	52.33	48.82	105.16
4	Interest	0	0	0	0	0
5	Depreciation & other w/off	12.93	12.60	25.60	24.93	49.06
6	Profit Before Tax	29.25	25.97	37.26	33.30	68.42
7	Provision For Taxation
	- Current	0	0	0	0	0
	- Deffered	0	0	0	0	12.99
8	Net Profit After Tax	29.25	25.97	37.26	33.30	55.43
9	Paid up Equity Share Capital	570	500	570	500	500
	(Face Value per Share in Rs.)	10	10	10	10	10
10	Reserves Excluding Revaluation					493.50
	Reserves
11	Basic & Diluted EPS for the	0.51	0.52	0.65	0.67	1.11
	Period (Not Annualised)
12	Segment Capital Employed	1092.75	980.95	1092.75	980.95	1000.50
13	Aggregate of non-promoter
	share holding
	(a) No. of Shares	2961075	3231154	2961075	3231154	2968075
	(b) Percentage of shareholding	51.95	64.62	51.95	64.62	59.36
Notes :
(1) The above results were approved and taken on record at the meeting of the Board of Directors held
on October 23, 2003
(2) The above figures have been regrouped, rearranged wherever necessary.
(3) The Co.'s operations fall under single segment namely " Computer Software and Services Exports"
(4) Appropriate provision for taxation shall be made at the year end.
(5) The Co.'s Equity share Capital has been increased from Rs. 500 Lacs to Rs. 570 Lacs subsequent
to conversion of 7 Lacs warrants into 7 Lacs Equity Shares at a face value of Rs. 10/- each.
(6)  The Statutory Auditors of the Company have carried out a limited review of the accounts for the three
months ended September 30th, 2003
(7)  The above results were reviewed by the Audit Committee and were thereafter apporved by the Board
at its meeting held on October 23, 2003
(8)   There were no Investor Complaints pending at the beginning of the quarter. 17 Complaints were
received during the quarter and were duly attended to .
	Place : Rajkot				Vikram B. Sanghani
	Date   : 23-10-2003				Jt. Managing Director